April 2009

09.04.2009
In 2008 the enterprises of "Russneft" have increased hydrocarbon production by 0.55% - up to 14.2 mln tons
It is said in the report of the Company, that in 2008 the enterprises of "RussNeft" have increased hydrocarbon production by 0.55% - up to 14.2 mln tons. Increase of production has been achieved due to carrying-out of the large-scale production programmes on drilling, mainly in Western Siberia and the Udmurt Republic, and also due to the commencement of new fields development "Verkhne-Shapshinskoye" and "Yuzhno-Roslavlskoye" (Western Siberia).

In 2008 the cumulated production of Russneft with due account for all new wells exceeded 1.1 mln tons, the average oil flow rate per new well made 59.9 tons a day. Investments in prospective and exploitation drilling made more than $257 mln.
The company increased raw materials sources for more than 20 mln tons. Luzyaninskoye oilfields was discovered in the Saratov Region. There were found new deposits within Tagrinskoye and Roslavlskoye (the Khanty-Mansijsk District), Belokamenskoye (the Saratov Region) and Gurarinskoye (the Tomsk region) oilfields. Certified according to the International Accounting Standards, the recoverable reserves of RussNeft as per "Miller and Lents" made 1713.3 mln barrels of oil equivalent, including 1562.5 mln barrels of oil and 25 bln cubic meters of gas. According to the Russian classification (АВС1+С2) the overall recoverable reserves of the deposits belonging to RussNeft make 588 mln tons of oil and 86 bln cubic meters of gas.
The refinery crude run of RussNeft increased by 2.4%  - up to 7.5 mln tons. The growth of the refinery crude run was achieved due to the technical upgrade of the refinery capacity of the Company.
Investments in technical upgrade of the Company refineries exceeded $40 mln, more than $19.5 mln was invested in realization of the repair programmes.
The overall volume of retail of oil products through the distribution system of RussNeft in 2008 made 650.8 thous tons, that is by 11% more than the similar readings for 2007.
RussNeft is among top ten oil and gas companies of the Russian Federation. In 2007 the production capacity made 14.2 mln tons, throughput  - 7.4 mln tons. The net effective pay exceeds 630 mln tons. In the structure of the Company there are 21 extractive enterprises, 2 refineries, oil terminal in the Bryansk Region, and also 96 gas filling stations in the Orenburg Region. The enterprises of the Company are situated in 14 regions of Russia and CIS.
The authorized capital of the Company is 100 mln Rubles. To this amoun there were issued 100 thous of ordinary shares par value 1 thous Rubles.



Source: "AK&M"